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No - if you apply for and receive a mortgage modification, that is not the same as re-affirmation. In a modification, the monthly payment typically gets reduced by around $100, and the term gets extended - usually to 40 years instead of 30 - but the balance of the mortgage is not reduced.
It may and may not be worth it for you to continue paying the mortgage for a house that is worth 1/2 of the mortgage amount.
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